Bitcoin Miner MARA Holdings has raised approximately $1 billion through the sale of its convertible notes. The Bitcoin miner revealed that some of the proceeds from this sale would be used to buy more BTC, although they didn’t mention the exact amount.
Marathon Digital Raises $1B To Buy More Bitcoin
In a press release, the Bitcoin miner revealed that it had raised net proceeds of $980 million from its convertible notes sale after deducting the initial purchaser’s discounts and commissions but before the estimated offering expenses payable by the company.
This development is significant as MARA Holdings revealed that it will use some of the net proceeds to acquire additional BTC. It is worth mentioning that the Bitcoin miner already holds around 27,000 BTC and is the public company with the second-largest Bitcoin holdings.
This development comes as MARA also recently unveiled plans to raise $700m through convertible notes, which will mature in 2030. Meanwhile, the Bitcoin miner looks to be going head-to-head with MicroStrategy, which also recently upsized its private offering to $2.6 billion. The software company will use some of the proceeds to buy more BTC.
However, despite MARA Holdings’ Bitcoin acquisition plans, the Bitcoin miner still has a lot of catching up to do with MicroStrategy. The software company recently acquired 51,780 BTC for $4.6 billion, bringing its total holdings to 331,200 BTC.
The post Breaking: Bitcoin Miner MARA Holdings Raises $1B To Buy More Bitcoin appeared first on CoinGape.
